汽车零部件Ⅲ

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经纬恒润(688326):25Q2公司经营迎来拐点,汽车电子业务高速增长
Guotou Securities· 2025-08-28 06:33
务高速增长 事件:8 月 26 日,经纬恒润发布 2025 年半年报。2025 年上半年公司实 现营收 29.1 亿元(同比+43.48%),归母净利润-0.87 亿元(同比亏损收窄), 扣非归母净利润-1.15 亿元(同比亏损收窄)。2025Q2 公司实现营收 15.8 亿元(同比+38.9%,环比+18.98),归母净利润 0.33 亿元(扭亏为盈),扣 非归母净利润 0.19 亿元(扭亏为盈)。 公司迎来经营拐点,汽车电子产品业务持续高速增长。 公司汽车电子产品布局完善,域控技术加速升级,为未来增长奠定基础。 在公司持续高强度的研发投入下,公司已基本完成整车电控产品的全覆盖 布局:物理区域控制器产品实现 100 万套下线;智能驾驶域控制器与市场 头部物流公司达成战略合作,将于年底量产;车身域控产品持续获得新的 定点;底盘域控定点新一代车型项目,并且启动国产芯片方案的量产开发; 新能源多合一控制器产品配套主流车型并实现快速放量。 2025 年 08 月 28 日 经纬恒润-W(688326.SH) 25Q2 公司经营迎来拐点,汽车电子业 股价表现 资料来源:Wind 资讯 升幅% 1M 3M 12M 相对 ...
德赛西威(002920):2025Q1业绩增长强劲,构建智驾软硬一体全栈能力
Guotou Securities· 2025-05-09 07:04
2025 年 05 月 09 日 德赛西威(002920.SZ) 2025Q1 业绩增长强劲,构建智驾软硬 一体全栈能力 事件:4 月 23 日,德赛西威发布 25 年一季报。25Q1 年公司营收 67.92 亿元,同比+20.26%;归母净利润 5.82 亿元,同比+51.32%;扣非后归母净 利润 4.97 亿元,同比+34.08%。 2025Q1 业绩增长强劲,盈利能力显著提升。公司营收端增长强劲主要系 新客户放量,25Q1 小米销量 7.6 万辆,预计贡献主要增量。25Q1 公司毛利 率 20.52%,同比+1.18pct,环比+2.12pct;剔除会计政策影响因素,同比 +1.78pct,环比+0.27pct。我们认为毛利率环比提升主要系:1)高毛利的 座舱域控、智驾域控占比提升;2)高计价成本的芯片前期已逐步出货。25Q1 公司期间费用率 13.27%,同比+0.31pct,环比+3.22pct。主要系公司持续 进行高研发投入,25Q1 研发费用 6.55 亿元,同比+25.3%,环比+8.41%。 此外公司 Q1 处置参股公司股权实现 0.8 亿投资收益,以及冲回 0.55 亿元 信用减值损失, ...
松原安全(300893):一季度新业务加速放量,公司业绩表现优异
Guotou Securities· 2025-04-28 13:57
Investment Rating - The report maintains a "Buy-A" rating for the company [4][7]. Core Views - The company achieved a revenue of 536 million yuan in Q1 2025, representing a year-on-year increase of 45.34% and a quarter-on-quarter decrease of 18.96%. The net profit attributable to shareholders was 74 million yuan, up 20.47% year-on-year and 5.50% quarter-on-quarter [2][4]. - The company is expected to continue high growth driven by three factors: volume, price, and profit. It is actively expanding collaborations with domestic and overseas clients, optimizing product structure, and promoting in-house production of components [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 27.94%, down 2.74 percentage points year-on-year but up 1.38 percentage points quarter-on-quarter. The period expense ratio was 14.36%, an increase of 2.22 percentage points year-on-year [2]. - The company’s revenue is projected to grow from 12.8 billion yuan in 2023 to 51.0 billion yuan in 2027, with net profit expected to rise from 2.0 billion yuan to 7.0 billion yuan over the same period [5][12]. Growth Drivers - The company is deepening cooperation with key clients such as Chery, Geely, and Wuling, while also expanding into the new energy vehicle market with clients like BYD and NIO. It has also secured a project with a European client for global vehicle safety belt systems [3]. - The average selling price of safety belt assemblies is expected to reach 59.03 yuan per unit in 2024, reflecting a year-on-year increase of 6.53% [3]. Valuation - The report estimates the company's net profits for 2025, 2026, and 2027 to be 4.0 billion yuan, 5.5 billion yuan, and 7.0 billion yuan respectively, corresponding to a price-to-earnings (PE) ratio of 18.7, 13.8, and 10.7 times [4][12]. - A target price of 44.25 yuan per share is set for the next six months, based on a 25 times PE ratio for 2025 [4].